The global aquaculture market size is projected to grow from USD 30.1 billion in 2018 to USD 42.6 billion by 2023, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. This market is driven by factors such as a decline in the amount of captured fish, rise in consumption of fish and other products (due to their nutritional value), and growth in trend of smart fish farming.
Key aquaculture players include Pentair Plc, (US), AKVA Group (Norway), Xylem Inc (US), Aquaculture Equipment Ltd (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (US), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries Inc (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (US). Expansion was a dominant strategy adopted by the key players, followed by the launching of new products. This has helped them to increase their presence in different regions and expand their product portfolio.
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Pentair plc.is involved in the manufacturing of diversified industrial products. It operates through two reporting segments, namely, water and electrical. Under the water segment, the company manufactures and supplies products and solutions to meet filtration, separation, flow, and water management challenges in agriculture, aquaculture, foodservice, food & beverage processing, swimming pools, water supply and disposal, and a variety of industrial applications. The company is focusing on increasing its presence in the aquaponics sector. For instance, it opened a research & development center in Minnesota, US, which is being used for innovation, educational, and demonstration activities as of 2017. In addition to this, it continuously strives to invest in better technologies to enhance its existing products and to develop new ones.
AKVA Group designs, manufactures, and sells various technical products for multiple industries, including aquaculture. The company operates through two business segments, namely, cage-based technology (CBT) and software- and land-based technology (LBT). It is undertaking activities related to expansions and acquisitions, which is expected to increase its geographical presence. The company is inclined to make investments in innovative technologies with an aim to play a meaningful role in digitalization and predictive analytics in the field of aquafarming. For instance, in 2018, AKVA Group set up a feed conveyor concept of flexible feeding, which allowed farmers to send and feed silo to any cage, making it easier to use different feed types and sizes. This allowed easy expansion of the existing feed systems with more feed lines without expensive rebuilding of main feed silos.
Aquaculture Products Market by Rearing Product Type (Equipment, Chemicals, Pharmaceuticals, Fertilizers), Culture (Freshwater, Marine, Brackish Water), Species (Aquatic Animals, Aquatic Plants), Production Type, and Region - Global Forecast to 2023
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